What is a conservatorship? Is it the same as a guardianship?
A conservatorship is a court order (from the probate court) which makes one person (or a professional fiduciary, such as a bank trust department) in charge of management of another person’s finances and assets, including their bank accounts, investments, and property. It is different from guardianship and, generally, the same person is not allowed to serve as both guardian and conservator. If the child has life insurance proceeds or a personal injury settlement or an inheritance, it is likely that a conservator will be appointed to manage the child’s income and assets until the child is 21 years old. This is an exclusive power, not a shared power by the child and the conservator or the parent or guardian and the conservator. The conservator is required to file an initial financial plan, and then annual accountings with the court.
